Samsung Life applies for Korea Exchange listing

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SEOUL, Jan. 21 (Yonhap) -- Samsung Life Insurance Co., South Korea's top life
insurer, on Thursday submitted an application for a stock listing on the Seoul
main bourse, the bourse operator Korea Exchange said.
The listing is expected to take place sometime before May after the life insurer
offers shares estimated at up to 5 trillion won (US$4.4 billion) to the public.
Shares of Samsung Life almost tripled to 1.5 million won in latest over the
counter trading since its Nov. 16 announcement of the listing plan.
A day earlier, the life insurer received approval for a stock split at an
unscheduled meeting of shareholders. The decision will reduce the face value of
its shares to 500 won from 5,000 won while raising the number of the shares
tenfolds to 200 million.
The stock split is aimed at "preventing downward pressure on stock prices
stemming from a shortage of trading shares," Samsung Life said on Dec. 2.
The life insurer booked 113 billion won in net profit for fiscal 2008 with
operating profit of 25.3 trillion won, according to the KRX.
A flurry of life insurers are preparing to become publicly traded companies this
year, with third-largest player Korea Life Insurance Co. set to become the first
to go public on the Seoul bourse.
Hanwha Group, which controls Korea Life, said Wednesday it is pushing to list the
insurer by the end of March. The insurance firm applied for a flotation on the
KRX on Dec. 18.
Smaller rival Mirae Asset Life Insurance Co. also plans a stock listing in the
latter half of this year.
pbr@yna.co.kr
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